LISHUI, China, Feb. 1, 2023
/PRNewswire/ -- CN Energy Group. Inc. (NASDAQ: CNEY) ("CNEY", or
the "Company") today announced the closing of its previously
announced underwritten public offering. The gross proceeds to the
Company were approximately $10
million, before deducting underwriting discounts and other
expenses payable by the Company. The offering consisted of
18,183,274 units/pre-funded units consisting of (a) one Class A
ordinary share (or one pre-funded warrant to purchase one Class A
ordinary share in lieu thereof) and (b) one warrant to purchase one
Class A ordinary share (the "Warrants") at a price to the public of
$0.55 per Class A ordinary share and
Warrant (or $0.5499 per pre-funded warrant and Warrant
after reducing $0.0001 attributable
to the exercise price of the pre-funded warrants). In addition, the
Company has granted the underwriter in the offering a 45-day option
to purchase up to an additional 15% of Class A ordinary shares
and/or Warrants at the public offering price, less underwriting
discounts and commissions, to cover over-allotments in connection
with the offering. The Company intends to use the net proceeds from
this offering for general corporate purposes, including, but not
limited to, working capital.
Aegis Capital Corp. acted as sole book-running manager for
the proposed public offering.
This offering was made pursuant to an effective shelf
registration statement on Form F-3 (No. 333-264579) previously
filed with the U.S. Securities and Exchange Commission (the "SEC")
and declared effective by the SEC on June
13, 2022. A final prospectus supplement and accompanying
prospectus (collectively, the "Prospectus") describing the terms of
the proposed offering was filed with the SEC and is available on
the SEC's website located at http://www.sec.gov. Electronic copies
of the Prospectus may be obtained by contacting Aegis Capital
Corp., Attention: Syndicate Department, 1345 Avenue of the
Americas, 27th floor, New York, NY
10105, by email at syndicate@aegiscap.com, or by telephone at (212)
813-1010.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About CN Energy Group. Inc.
CN Energy Group. Inc. is currently listed on NASDAQ under the
symbol of CNEY. With patented proprietary bioengineering and
physiochemical technologies, CNEY has pioneered and specialized in
producing high-quality recyclable activated carbon and renewable
energy from abandoned forest and agricultural residues, converting
harmful wastes into invaluable wealth and delivering significant
financial, economic, environmental, and ecologic benefits. CENY's
products and services have been widely used by food and beverage
producers, industrial and pharmaceutical manufacturers, as well as
environmental protection enterprises. For more information, please
visit the Company's website at www.cneny.com.
Forward-Looking Statements
Certain statements, other than statements of historical facts,
made in this announcement are forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties, including statements regarding the use of proceeds
and the over-allotment option. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to" or
other similar expressions. The Company undertakes no obligation to
update forward-looking statements to reflect subsequent occurring
events or circumstances, or changes in its expectations, except as
may be required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to refer to its filings with SEC, including
without limitation, Company's registration statements and other
filings with the SEC that set forth certain risks and uncertainties
that may have an impact on future results and directions of the
Company.
Investor Relations
Tel: +86-571-87555823
Email: ir@cneny.com
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SOURCE CN Energy Group. Inc.
